Banking (prudential standard) determination No. 4 of 2023 (Cth)

Banking (prudential standard) determination No. 4 of 2023

Prudential Standard APS 910 Financial Claims Scheme

Banking Act 1959

I, Clare Gibney, a delegate of APRA:

(a) under subsection 11AF(3) of the Banking Act 1959 (the Act) REVOKE Banking (prudential standard) determination No. 2 of 2013, including Prudential Standard APS 910 Financial Claims Scheme made under that determination; and

(b) under subsection 11AF(1) of the Act DETERMINE Prudential Standard APS 910 Financial Claims Scheme, in the form set out in the schedule, which applies to ADIs to the extent provided in paragraph 2 of the prudential standard.

This instrument commences on 1 October 2023.

Dated: 6 September 2023

Clare Gibney Executive Director, Policy & Advice APRA Interpretation In this instrument:

ADI has the meaning given in section 5 of the Act.

APRA means the Australian Prudential Regulation Authority.

Schedule

Prudential Standard APS 910 Financial Claims Scheme comprises the document commencing on the following page.

Prudential Standard APS 910

Financial Claims Scheme

Objective and key requirements of this Prudential Standard

This Prudential Standard sets out the minimum requirements that a locally incorporated authorised deposit-taking institution (ADI) must meet to ensure that it is adequately prepared, should it become a declared ADI for Financial Claims Scheme (FCS) purposes. The Board and senior management of an ADI are ultimately responsible for ensuring that appropriate policies and procedures are in place to ensure the integrity of the operations, internal controls and information required under this Prudential Standard.

The key requirements of this Prudential Standard are that an ADI must:

 identify each unique account-holder, to the extent practicable;

 develop and implement a Single Customer View;